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Will or Trust

 
 
jodie34
 
Reply Mon 18 Aug, 2008 05:41 pm
Which is more important a Will or a Trust? If a spouse passes away without a Trust does everything have to go through probate?
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Type: Discussion • Score: 0 • Views: 1,363 • Replies: 4
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joefromchicago
 
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Reply Mon 18 Aug, 2008 06:11 pm
@jodie34,
Wills and trusts serve different purposes, so asking which one is more important is like asking "which is more important, a fork or a banjo?" If someone dies without a will, that person's estate might pass through probate (depending on the state's laws and the size of the estate). If someone dies without a trust, there are no legal consequences (although there might be some tax consequences).
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jodie34
 
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Reply Tue 19 Aug, 2008 05:43 pm
@jodie34,
Thanks , Joe
My husband and I do have a Will so I am familiar with that but I have had people tell me that we should also have a Trust. Do most people have both?
joefromchicago
 
  1  
Reply Tue 19 Aug, 2008 05:55 pm
@jodie34,
A trust may be a good device to transfer assets to your heirs without those assets passing through your estate. For wealthy people, it's a good way to avoid some taxes. For those who would not be subject to estate or gift taxes, it may be unnecessary. Talk to your accountant and/or lawyer to see if setting up a trust is worthwhile for you.
jodie34
 
  1  
Reply Tue 19 Aug, 2008 08:38 pm
@joefromchicago,
Joe,
Thanks for you help.
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